Castellum, Inc. Announces 2025 Unaudited Financial Results

Rhea-AI Summary

Castellum (NYSE-American: CTM) reported unaudited results for year ended December 31, 2025: revenue $52.9M (up 15.2% vs 2024), operating loss improved to $2.8M, net loss to common shareholders was $2.5M, and Adjusted EBITDA $1.0M. Total cash rose to $14.9M and debt fell to $0.4M. Management cited organic growth, three prime contract wins, equity raises and reinvigorated M&A activity as drivers of improved liquidity and operating performance. Audited Form 10-K expected on or before March 9, 2026.

Positive

• Revenue +15.2% to $52.9M in 2025
• Operating loss improved $4.4M to $2.8M
• Adjusted EBITDA $1.0M (vs $0.8M in 2024)
• Total cash increased by $2.6M to $14.9M
• Debt reduced to $0.4M as of Dec 31, 2025

Negative

• Net loss to common shareholders remains $2.5M in 2025
• Stock-based compensation $2.4M excluded from Adjusted EBITDA

Key Figures

2025 Revenue: $52.9M Revenue Growth: 15.2% Operating Loss 2025: $2.8M +5 more

8 metrics

2025 Revenue $52.9M Full year 2025 vs $44.8M in 2024

Revenue Growth 15.2% 2025 year-over-year increase over 2024

Operating Loss 2025 $2.8M Improved from $7.2M operating loss in 2024

Net Loss 2025 $2.5M Improved from $10.1M net loss in 2024

Adjusted EBITDA 2025 $1.0M Full year 2025 vs $0.8M in 2024

Year-end Cash 2025 $14.9M As of Dec 31, 2025 vs $12.3M in 2024

Debt 2025 $0.4M As of Dec 31, 2025 vs $10.7M in 2024

Other Income 2025 $0.6M Versus other expense of $2.7M in 2024

Market Reality Check

Price: $0.9599 Vol: Volume 528,942 is 0.53x t...

low vol

$0.9599 Last Close

Volume Volume 528,942 is 0.53x the 20-day average, indicating subdued trading interest pre-release. low

Technical Shares at 0.95 trade below the 200-day MA of 1.08, reflecting a weaker intermediate trend.

Peers on Argus

CTM slipped 1.25% while closely ranked peers were mixed: CSPI up 1.29%, WYY down...

1 Down

CTM slipped 1.25% while closely ranked peers were mixed: CSPI up 1.29%, WYY down 2.96%, TDTH down 2.86%. Moves do not indicate a unified sector trend.

Previous Earnings Reports

5 past events · Latest: Nov 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 07	Q3 2025 earnings	Positive	+4.3%	First-ever quarterly GAAP net income with record revenue and lower debt.
Aug 08	Q2 2025 earnings	Positive	+4.9%	Record quarterly revenue, narrowed losses, and significant debt reduction.
May 09	Q1 2025 earnings	Positive	+5.8%	First year-over-year organic revenue growth and smaller operating loss.
Feb 28	2024 results	Positive	+16.1%	Improved operating loss, higher cash, and better adjusted EBITDA for 2024.
Nov 04	Q3 2024 earnings	Positive	+18.6%	Sequential revenue and gross profit growth with focus on future contracts.

Pattern Detected

Earnings-related releases have historically driven consistently positive price reactions, with all recent events showing gains.

Recent Company History

Over the past year, Castellum’s earnings communications have highlighted steady revenue growth, improving profitability, and balance sheet strengthening. Q1–Q3 2025 updates showed rising organic revenue, narrowing losses, and increasing cash, while the 2024 unaudited results detailed an initial turn in operating performance. The current 2025 unaudited results extend this trend with higher revenue and sharply lower debt, fitting into a multi-quarter narrative of operational improvement and financial de-risking.

Historical Comparison

+10.0% avg move · Past earnings and annual results for CTM saw average moves of 9.97%. Today’s -1.25% pre-news decline...

earnings

+10.0%

Average Historical Move earnings

Past earnings and annual results for CTM saw average moves of 9.97%. Today’s -1.25% pre-news decline contrasts with the typically positive reactions.

Earnings releases trace a progression from modest Q3 2024 growth, to 2024 unaudited improvements, then Q1–Q3 2025 organic growth and first net income, culminating in stronger 2025 annual metrics.

Market Pulse Summary

This announcement highlights unaudited 2025 results with higher revenue, improved operating and net ...

Analysis

This announcement highlights unaudited 2025 results with higher revenue, improved operating and net losses, and materially reduced debt versus 2024, extending a multi-quarter trend of operational progress. Historical earnings releases have often coincided with positive price reactions, but investors may weigh these gains against recent financing activity and insider sales disclosed in filings. Upcoming audited Form 10-K details and future contract execution remain key metrics to watch.

Key Terms

adjusted ebitda, non-gaap, stock-based compensation, depreciation and amortization, +1 more

5 terms

adjusted ebitda financial

"Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

stock-based compensation financial

"Adjusted EBITDA excludes certain non-cash expenses, including stock-based compensation of $2.4 million..."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

depreciation and amortization financial

"..., including stock-based compensation of $2.4 million and depreciation and amortization of $1.5 million in 2025..."

Depreciation and amortization are accounting methods that spread the cost of long-term assets over the years they help generate revenue: depreciation applies to physical items like equipment, while amortization applies to intangible items like patents or software. Investors watch these charges because they reduce reported profit without using cash right away, so comparing them to cash flow helps reveal whether earnings come from real business performance or just accounting allocation — like spreading the price of a car or a license over many years.

form 10-k regulatory

"financial results for the year ended December 31, 2025, are expected to be filed ... on Form 10-K..."

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. Not financial advice.

VIENNA, Va., March 04, 2026 (GLOBE NEWSWIRE) -- Castellum, Inc. (“Castellum” “CTM”, “we” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2025.

Revenue for 2025 increased to $52.9 million, representing an $8.1 million (15.2%) increase over $44.8 million in 2024. Operating loss improved to $2.8 million, a $4.4 million year-over-year improvement from an operating loss of $7.2 million in 2024.

Net loss to common shareholders for 2025 was $2.5 million, a $7.6 million improvement from a net loss of $10.1 million in 2024.

Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company's operating performance. Adjusted EBITDA was $1.0 million for the year ended December 31, 2025, compared to $0.8 million for 2024. Adjusted EBITDA excludes certain non-cash expenses, including stock-based compensation of $2.4 million and depreciation and amortization of $1.5 million in 2025, versus stock-based compensation of $5.4 million and depreciation and amortization of $2.2 million in 2024. See the reconciliation to non-GAAP Adjusted EBITDA chart below.

Overall, total cash increased by $2.6 million during 2025 to $14.9 million as of December 31, 2025, compared to $12.3 million as of December 31, 2024. The increase was supported by financing activities and reflects the Company’s strategic use of available cash to reduce outstanding debt. Debt as of December 31, 2025, was $0.4 million versus $10.7 million as of December 31, 2024.

Castellum's fully audited financial results for the year ended December 31, 2025, are expected to be filed on or before March 9, 2026, on Form 10-K, available at www.sec.gov.

“I am very excited by the progress we have made and the momentum that progress is generating. Castellum’s most recent acquisition of GTMR was in 2023, so our 2025 operational growth over 2024 is entirely organic. Our marked improvement over prior year was driven by winning three prime contracts, increasing alignment and efficiency to support operational efficiencies, and in conjunction with our recent equity raises, improving our cash to debt ratio from 1x as of December 31, 2024, to 37x as of December 31, 2025, which contributed other income of $0.6 million in 2025 versus other expense of $2.7 million in 2024, an improvement of $3.3 million. This progress has allowed us to invest more heavily in our business development operations to drive even more organic growth with contract wins and relationships. Coupled with those afore-mentioned recent equity raises, this progress has also allowed us to reinvigorate our M&A activities,” states David Bell, Chief Financial Officer of Castellum.

“Our organic growth continues and is absolutely unrelenting. Major prime contract wins, more revenue, successful equity raises while reducing our debt to $0, are all readying us to make our next strategic moves. If we were a United States Navy ship of war, like the ones we directly support with our technology services, solutions, and capabilities, we would be fully supplied, fully munitioned, at the highest level of readiness, and moving at full throttle “all ahead flank speed”. I could not be prouder and more grateful for our remarkable Castellum team, constantly striving to deliver the very best value to both our mission customers and shareholders,” stated Glen Ives, Chief Executive Officer of Castellum.

About Castellum, Inc. (NYSE-American: CTM):

Castellum, Inc. (NYSE-American: CTM)  is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government - http://castellumus.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as "estimate," "project," "believe," "anticipate," "shooting to," "intend," "in a position," "looking to," "pursue," "positioned," "will," "likely," "would," or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company's expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company's ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company's revenue due to a delay in the U.S. Congress approving a federal budget; and the Company's ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC") which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

Non-GAAP Financial Measures and Key Performance Metrics

This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company's operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure's definition, utility, and purpose are also set forth herein.

Definition:

Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring cash items, such as expenses for a one-time policy change.

Utility and Purpose:

The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

Castellum, Inc.
Reconciliation of Unaudited Non-GAAP Adjusted EBITDA to Operating Income/ (Loss)
The Years Ended December 31, 2025, and 2024
		2025				2024
Revenues	$	52,866,001			$	44,764,852
Gross Profit		19,368,857				18,266,415
Loss from operations before other income (expense)		(2,814,562	)			(7,244,627	)
Add back:
Depreciation and amortization		1,498,864				2,220,185
Adjust for non-cash and one-time charges:
Stock based compensation		2,347,480				5,426,985
Non-recurring charges		-				445,007
Total non-cash charges		2,347,480				5,871,992
Non-GAAP Adjusted EBITDA	$	1,031,782			$	847,550

Contact:

Glen Ives, President and Chief Executive Officer
Phone: (703) 752-6157
info@castellumus.com
http://castellumus.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78230230-5d6f-4fe3-90e4-9c1e7429b975

FAQ

What were Castellum (CTM) full-year 2025 revenue and growth rate?

Castellum reported $52.9 million revenue for 2025, a 15.2% increase versus 2024. According to Castellum, growth was organic and driven by three prime contract wins and operational efficiencies.

How did CTM's profitability metrics change in 2025 versus 2024?

Operating loss improved to $2.8 million and net loss narrowed to $2.5 million in 2025. According to Castellum, Adjusted EBITDA rose to $1.0 million, driven by higher revenue and cost alignment.

What is Castellum's cash and debt position as of December 31, 2025 (CTM)?

Total cash was $14.9 million and debt was $0.4 million as of Dec 31, 2025. According to Castellum, equity raises and financing activities improved the cash-to-debt ratio materially year-over-year.

Did Castellum (CTM) report any notable one-time items affecting 2025 results?

Adjusted EBITDA excludes non-cash items including $2.4 million stock-based compensation and $1.5 million depreciation and amortization. According to Castellum, these exclusions help present operating performance on a comparable basis.

When will Castellum file audited 2025 financial statements and where can investors find them?

Castellum expects to file its fully audited Form 10-K for the year ended Dec 31, 2025 on or before March 9, 2026. According to Castellum, the Form 10-K will be available on the SEC website.